The Ripple price prediction by Trading Guru suggests a rise towards the $0.5 mark next. The cryptocurrency observed a major increase in price on the 21st of November. While the Bitcoin price is expected to consolidate above the $18500 over the weekend.
1-Day Ripple price analysis
The XRP price was observed trending upwards on the 21st of November. As the cryptocurrency market appeared green, the price rose past the $0.42 level over the day’s trade. The cryptocurrency’s price trajectory can be seen trending upwards for the past few days. Over the 24-hour trade, the cryptocurrency rose to a day’s high of $0.438, while the lowest price for the day was recorded at the start of the trade, at $0.310. At the time of writing, the altcoin was priced at $0.408.
The Trading View analyst Baris Sozen believes that the XRP market is finally out of the bearish zone, and the price has risen across important trend line and resistance levels.
The analyst stated that the XRP/BTC pair performance pair is still clouded. The Relative Strength Index (RSI) can be seen in the highly overbought region, and the cryptocurrency has shot upwards over the past 2 to 3 days. We can also see that the trading volume has greatly increased for the XRPUSD pair, and the charts show that the cryptocurrency will not be able to continue this ascension for long.
Looking at the chart below, we can see the trend that the analyst expects Ripple to follow over the next two years. The analyst believes that the cryptocurrency can go as high as $140, after the major price surge expected near the start of 2021.
We can see that the Relative Strength Index (RSI) has moved into the overbought zone on the 1W time frame as well, and the cryptocurrency’s price has shown a divergence towards the upside. If the trend continues, the price will move towards the $5 mark over the next couple of months.
Trading Guru highlighted three bullish runs for the XRPUSD pair on the 1D time frame. The analyst highlighted that the Relative Strength Index (RSI) had reached over the 80.00 level during these bullish runs, and it shows that the cryptocurrency is unable to rise any further from here.
The cryptocurrency’s price has already increased by over 75 percent in the past 2 months. The price is now expected to rise towards the horizontal resistance zone that has been held from June 2019, and it lies near the $0.50 mark. Looking at the RSI, we can see that the cryptocurrency has observed a similar price surge to the two that occurred in Q1 and Q3 2020. Though this bullish move is not going to be retained for long, especially if we look at the chart above and the technical indicator.
The altcoin’s bullish move seems different as well, this may be due to the fact that the cryptocurrency appears to be following the uptrend of Bitcoin BTC. The analyst added that entering the XRPUSD trade right now would not be fruitful, and those who want to enter the trade should wait for a retracement to occur.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on January 7, 2021 7:38 am
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